Now investors have learned their lessons and are no more interested in just releasing or launching the project. There are some factors investors consider before investing in projects and it may include looking out for a working product, the use-case of the coin, the expertise of the team etc. This is why investors have now prefer IEOs to ICOs.
from the first there are no stupid investors, they always research before investing. but for new and unclear projects, actually they are not feasible to exist. make new coins yourself and sell them, what are the benefits for us? there is no clear platform to develop.